Commercial Refrigeration Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Commercial Refrigeration Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Commercial Refrigeration Equipment Market size is estimated at USD 44.93 billion in 2025, and is expected to reach USD 60.09 billion by 2030, at a CAGR of 5.92% during the forecast period (2025-2030).

The global market for commercial refrigeration equipment is experiencing significant growth, driven by the rapid expansion of the food and beverage sectors, technological advancements, and increasing environmental concerns promoting the adoption of energy-efficient solutions. Key industries such as retail, hospitality, and food processing are major users of products in this market, including freezers, refrigerators, and cooling systems. The market's critical role is further emphasized by the escalating demand for cold storage, primarily propelled by the growth of online grocery platforms and meal delivery services.

Key Highlights

• With the hospitality and tourism sectors on the rise and consumers leaning more towards takeaway meals, the commercial refrigeration equipment market is gearing up for notable expansion in the coming years. The market also benefits from a shift towards refrigerants with lower global warming potential alongside technological advancements driven by regulatory pressures and environmental concerns. These dynamics present significant opportunities for market players to innovate, aligning with the changing demands of both consumers and the industry.
• A range of factors influences sales of commercial refrigeration equipment. Key drivers include increased international food trade, rising investments in the food and beverage sector, and growing demands from the pharmaceutical industry. Other notable influences are technological advancements, an expanding need for cold storage services, heightened demand for industrial refrigerators, and the rapidly growing hospitality sector.
• Additionally, global lifestyle changes and evolving eating habits have spurred a surge in demand for frozen and packaged foods, further boosting the commercial refrigeration equipment market. As businesses and consumers increasingly prioritize eco-friendly solutions, the rising emphasis on energy-efficient and sustainable refrigeration is poised to influence the market's direction significantly.
• Commercial refrigeration systems, known for their high efficiency, are frequently employed in demanding applications. These systems utilize commercial-grade refrigerants meticulously chosen to align with government regulations. Furthermore, these systems command a premium price, reflecting their adherence to industry standards. As a result, the purchase of these advanced refrigeration systems demands a significant upfront investment.
• Post-pandemic commercial refrigeration equipment saw a surge in demand, delivering substantial advantages for applications and consumers. This increase in demand highlights the growing recognition of commercial refrigeration equipment benefits in enhancing operational efficiency and consumer satisfaction. Also, the growth of the hospitality sector, coupled with increasing demand for frozen food products and ready-to-drink beverages after the pandemic, is driving the sales of restaurant refrigerators, display fridges, ice cream freezers, and commercial freezers.

Commercial Refrigeration Equipment Market Trends

Food Service and Distribution Sector to Hold Significant Market Share

• The growing demand for an uninterrupted cold chain to transport perishable goods, including fruits, vegetables, dairy, meat, and seafood, is driving investments in commercial refrigeration systems across the globe. Additionally, the expansion of e-commerce platforms offering fresh food delivery is further accelerating the need for temperature-controlled storage and logistics solutions.
• Data from the US Bureau of Labor Statistics highlights a surge in consumers frequenting a diverse array of retailers. This trend is bolstered by the emergence of new food and beverage retail establishments, which, in turn, is supported by a growing user and operator base in the cold storage sector. Between 2020 and 2023, the number of food and beverage retailers saw a 10% uptick, while cold storage establishments expanded at a notable 21% rate, reflecting the steady rise of e-commerce adoption.
• In October 2023, Mitsui & Co., Ltd. invested in PT. Pangan Lestari (PL) is a leading food distribution and cold-chain logistics company in Indonesia. PL offers a wide variety of food products, such as daily necessities to frozen and chilled products, to major retailers, restaurants, hotels, and other customers throughout Indonesia by taking advantage of its own strong dry and cold-chain logistics.
• The expansion of restaurants, fast food chains, cafes, and cloud kitchens is driving increased demand for advanced refrigeration systems to preserve perishable ingredients. This trend is primarily attributed to rising consumer preferences for fresh, high-quality food products, prompting foodservice operators to invest in modern refrigeration solutions that comply with safety standards.
• In response, market players are introducing advanced solutions to address the refrigeration demands of the food service industry. For instance, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a subsidiary of Mitsubishi Heavy Industries (MHI) Group, launched the TEJ35GAM, an electric-driven transport refrigeration unit designed specifically for small and mid-size trucks.
• The TEJ35GAM incorporates a plug-in hybrid system that combines a commercial plug-in power source with a dedicated power source for the refrigerator. The system automatically transitions between plug-in charging and battery operation, recharged during vehicle operation based on the vehicle's status, such as idling or running. This ensures uninterrupted refrigerator operation even when the vehicle is parked or idling, enabling drivers to focus on driving and deliveries while maintaining superior cargo temperature control.

Asia Pacific to Register Major Growth

• Urban populations in Asia are on the rise, and with increasing disposable incomes, consumers are gravitating towards convenience products and services to save time. This trend has significantly boosted the growth of convenience stores, small grocery shops, and neighborhood supermarkets in recent years. These outlets cater to time-strapped customers, offering easy access to daily essentials, food, and beverages.
• Modern convenience stores are now equipped with a variety of commercial refrigerator display units tailored to their specific needs. For instance, while smaller stores might opt for basic under-counter units to display beverages and dairy, larger supermarkets utilize walk-in cooler rooms and freezer systems. These larger setups ensure delicate items like fruits, vegetables, meats, and seafood are stored under controlled conditions, extending their shelf life.
• Furthermore, the Asia Pacific's food and beverage industry has seen robust growth, fueled by rising disposable incomes and evolving dietary habits. Nations such as China, India, and Japan are not only producing but also consuming unprecedented amounts of food, fostering a conducive atmosphere for the commercial refrigerator market.
• As demand surges for processed and packaged foods—ranging from snacks and dairy to ready-to-eat meals - the need for refrigerator units in grocery shops, department stores, and quick-service restaurants has escalated. Both international and local food and beverage companies are making significant investments, establishing new production plants, and broadening their distribution networks. This expansion spans across tier 1, tier 2, and tier 3 cities, leading to a heightened demand for cold storage facilities. These facilities play a crucial role in safely storing and transporting perishable items, ensuring they remain unspoiled.
• Further, investors in the region are pouring funds into cold chain logistics infrastructure, encompassing refrigerated warehouses, delivery trucks, and state-of-the-art commercial refrigerators, all tailored for temperature-sensitive products. In February 2024, A.P. Moller-Maersk (Maersk) unveiled a state-of-the-art integrated cold chain facility at the Ruakura Superhub in New Zealand. This strategic move solidifies Hamilton's role as a key player in New Zealand's Golden Triangle for freight and logistics. With an investment ranging between NZD 140-150 million (USD 77.77 million - USD 83.32 million), the Ruakura facility marks Maersk's largest infrastructure commitment in the country.
• In September 2024, Mitsui Fudosan, a leading real estate developer, teamed up with logistics giant GLP Japan and other Japanese firms to unveil a bold initiative. They plan to invest over 500 billion yen (around USD 3.5 billion) in cold storage facilities by 2030. This strategic move addresses a significant driver shortage, amplifying the demand for warehouses. Such developments are propelling the growth of the studied market, with a surge in demand for commercial refrigeration equipment expected during the forecast period.

Commercial Refrigeration Equipment Industry Overview

The competitive rivalry in the commercial refrigeration equipment market is high, as the market studied is home to prominent vendors that command a prominent market share in different segments and have access to well-established distribution networks.

Since the commercial refrigeration equipment industry is one of the largest markets, such a sheer number of major vendors without compromising their market shares is sustainable. However, each vendor in the commercial refrigeration equipment market is competing fiercely to gain a larger share of the market studied. Brand identity associated with the major vendors has become a synonym for various product offerings under the study scope in the region, combined with a lack of new entrants in the major share of the products and entry barriers that have further fueled the competitive landscape in the region.

Major vendors in the market studied are involved in mergers and acquisitions (M&A) activities and partnerships to gain higher penetration and market share.

Overall competitive rivalry amongst the vendors in the market studied is expected to be high and remain the same over the forecast period.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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